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UPDA
WKN A0ETWH
UPDA Updates its Shareholders on Continuing Operations
Tuesday September 4, 6:29 am ET
SAN ANTONIO--(BUSINESS WIRE)--The Board of Directors and the Management of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News; FWB:UP1) customarily issue updates in an effort to keep our shareholders informed on the operations of UPDA and its subsidiaries.
ADVERTISEMENT
Our efforts to mainstream our operations have resulted in the creation of three subsidiaries: Heartland Oil and Gas Corp. (OTCBB:HTOG - News; FWB:HOCA) has been established as our exploration and production subsidiary; Continental Fuels, Inc. (OTCBB:CFUL - News; FWB:CIQB) is our trading and marketing arm, and Aztec Well Services was created as our oilfield and drilling subsidiary.
Separating our businesses in this manner makes economic sense. First, it defined and created shareholders' value. Our shareholders now recognize and know the value of their investments by assessing each individual company and evaluating any spin off they receive or might receive in the future. Second, each subsidiary is more focused on its core business and the individual management teams are executing their plans and visions without distraction. In fact, each CEO has developed his own plan for growth. Third, separating the companies allowed each subsidiary to pursue financing without encumbering the sister companies simplifying the process for our lenders, resulting in less dilutive financing.
In this update, we will attempt to detail, as much as possible, the operations of each subsidiary:
Heartland Oil and Gas (HTOG) owns leases on approximately 1 million acres in Kansas, including the Cherokee Basin and the Forest City Basin and as of October 1, 2007 will be assigned all of the Texas leases owned by our Catlin Oil and Gas subsidiary, including its original leases in Jack County and the newly acquired leases in Palo Pinto County. The management of Heartland has developed a plan to expand production from each of these locations.
Current production from the 24 wells in the Cherokee Basin Coalbed Methane Field in Eastern Kansas is 600 mcfg/day although only 8 wells are connected to the sales line resulting in the delivery of 250 mcfg/day to market. HTOG intends to drill approximately 300 new wells in the next three years. To date, 17 new wells have been drilled (which brings the total to 41) and 5 will be completed next week. HTOG needs to extend its pipeline 18 miles to connect all the oncoming wells.
In Texas, the Catlin Field in Jack County is producing approximately 325 mcfg/day and the Palo Pinto Field was averaging 900 mcfg/day prior to its acquisition. These numbers do not include any down time.
The Catlin plan calls for re-completions of certain wells based on an engineering study and new logs conducted by Schlumberger on the Ruth lease. The new logs will give us additional insight on potential production zones and will assist in deciding in which zones wells will be recompleted.
In Palo Pinto County, Heartland is formulating a plan to complete a salt water disposal well in order to recomplete 6 additional wells in the Barnett Shale.
Once these plans are carried out, the expected value Heartland's reserves from these properties (present value discounted at 10%) will exceed $100 million.
When UPDA acquired Heartland, its income was approximately $45,000 per month and its expenses were about $100,000 per month. Our objective was to turn HTOG into a profit center, so we reduced the payroll and closed the Denver office which resulted in annual savings of about $500,000. The assignment of the Catlin leases, including Palo Pinto, will add approximately $200,000 of monthly revenue to HTOG, less debt service. Aztec, our subsidiary, financed most of the cost to drill and complete the 17 wells.
Achieving positive cash flow, accompanied by proven reserves, is the least expensive way to finance the planned expansion of Heartland. UPDA is the largest shareholder of HTOG and our objective is to make HTOG bankable because bank financing is the least dilutive.
Continental Fuels, Inc. (CFUL) is our trading and marketing subsidiary. It owns a 48,000 barrel terminal at the International Port of Brownsville. With the ongoing capital improvements underway at this facility, its capacity will be doubled by adding new tanks and investing in a railroad spur.
We envision CFUL to be the marketer of all that is produced by our subsidiaries, whether it is crude oil, natural gas, biofuel or some other alternative energy. At the present time, Continental is trading in condensate (light crude), receiving product on trucks and shipping it out in barges and on rail.
UPDA originally provided Continental the Brownsville Terminal and over $2 million in lines of credit. CFUL ran its first and second test shipments in March and May of 2007. Once the model was proven, CFUL began executing on its business plan in June 2007. During the second quarter, Continental generated approximately $5.7 million in revenues and $400,000 in gross profits. It should be noted that approximately 80% of the revenues were generated in June, while the expenses were incurred over the course of the entire quarter.
CFUL has quickly become an operational profit center. In fact, sales for the months of July and August exceeded $8 million and gross profit exceeded $700,000 for the first two months in the third quarter.
Continental's management has developed an ambitious growth model. They intend to expand into gas marketing, fuel blending, oil pick up and trading of refined products, including low sulfur diesel on barges or in pipeline. On the international front, CFUL has developed very valuable relationships and in the near future will open offices to facilitate its international trading business.
Aztec Well Services is our drilling and field services unit. It has equipment and personnel capable of drilling 10 wells per month on Heartland's Kansas leases and providing additional technical assistance when needed. Aztec is also assisting in the expansion of Heartland's Kansas Pipeline from the Jake Pilot to the Lancaster Pilot, across to the Beagle Pilot in order that Heartland can deliver all of its production to market.
In Kansas, Heartland and Aztec have established a turnkey drilling contract whereby Heartland selects drilling locations based on gas in place maps and other factors and Aztec spuds and drills the wells and manages their completion and connection.
Aztec is also pursuing third party contracts and is considering expanding into the well testing and the tank storage business. Aztec is rapidly becoming a profit center and its management is continuously exploring opportunities to increase its business.
The management of UPDA is very excited to see its subsidiaries developing in this successful manner and is willing to provide the needed support to assist them build, grow and prosper. At UPDA, we centralized some of the services to keep our operating costs low. UPDA provides and supervises all legal services including, but not limited to, contractual, SEC and compliance issues. Our staff provides SEC accounting and controls human resources, payroll and benefits. UPDA provides all the investors' relations and public relations services, including websites, communication, press releases and other content. Above all, UPDA assists in all mergers and acquisitions (M&A) which includes due diligence and financing.
UPDA will continue to add to its group of companies, with a concentration on conventional, unconventional and renewable energy. At the same time, we will assist our subsidiaries to grow and establish themselves as profit centers and strategic companies. The challenges at the moment include aligning ourselves with reliable, inexpensive, less dilutive money sources and continuing deal flows, both domestic and international.
We take this opportunity to thank our shareholders.
UPDA Board and Management
About UPDA
Universal Property Development and Acquisition Corporation is focused on identifying oil & gas companies with proven energy reserves and innovative alternative energy companies with proven technologies. Once identified, the viability and potential of the targeted company is subjected to a rigorous multi-step review and investigation.
First, the potential company's financial records, legal standing and geological or technological potential are thoroughly examined by the UPDA Due Diligence Committee. If the candidate passes this test, a recommendation is made to the Acquisition Committee which conducts initial negotiations and presents its conclusions to the CEO and Board of Directors who will secure the acquisition.
Once the acquisition process is complete, the acquired company becomes a subsidiary of UPDA and the incubation process begins. UPDA provides the subsidiary with financial, legal and scientific support in order to develop its assets and perfect its innovations allowing its management to concentrate on its business plan and operational objectives.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contact:
Universal Property Development and Acquisition
Corporation
Jack Baker (Investor Relations), 561-630-2977
info@updac.com
--------------------------------------------------------------------------------
Source: Universal Property Development and Acquisition Corporation
WKN A0ETWH
UPDA Updates its Shareholders on Continuing Operations
Tuesday September 4, 6:29 am ET
SAN ANTONIO--(BUSINESS WIRE)--The Board of Directors and the Management of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News; FWB:UP1) customarily issue updates in an effort to keep our shareholders informed on the operations of UPDA and its subsidiaries.
ADVERTISEMENT
Our efforts to mainstream our operations have resulted in the creation of three subsidiaries: Heartland Oil and Gas Corp. (OTCBB:HTOG - News; FWB:HOCA) has been established as our exploration and production subsidiary; Continental Fuels, Inc. (OTCBB:CFUL - News; FWB:CIQB) is our trading and marketing arm, and Aztec Well Services was created as our oilfield and drilling subsidiary.
Separating our businesses in this manner makes economic sense. First, it defined and created shareholders' value. Our shareholders now recognize and know the value of their investments by assessing each individual company and evaluating any spin off they receive or might receive in the future. Second, each subsidiary is more focused on its core business and the individual management teams are executing their plans and visions without distraction. In fact, each CEO has developed his own plan for growth. Third, separating the companies allowed each subsidiary to pursue financing without encumbering the sister companies simplifying the process for our lenders, resulting in less dilutive financing.
In this update, we will attempt to detail, as much as possible, the operations of each subsidiary:
Heartland Oil and Gas (HTOG) owns leases on approximately 1 million acres in Kansas, including the Cherokee Basin and the Forest City Basin and as of October 1, 2007 will be assigned all of the Texas leases owned by our Catlin Oil and Gas subsidiary, including its original leases in Jack County and the newly acquired leases in Palo Pinto County. The management of Heartland has developed a plan to expand production from each of these locations.
Current production from the 24 wells in the Cherokee Basin Coalbed Methane Field in Eastern Kansas is 600 mcfg/day although only 8 wells are connected to the sales line resulting in the delivery of 250 mcfg/day to market. HTOG intends to drill approximately 300 new wells in the next three years. To date, 17 new wells have been drilled (which brings the total to 41) and 5 will be completed next week. HTOG needs to extend its pipeline 18 miles to connect all the oncoming wells.
In Texas, the Catlin Field in Jack County is producing approximately 325 mcfg/day and the Palo Pinto Field was averaging 900 mcfg/day prior to its acquisition. These numbers do not include any down time.
The Catlin plan calls for re-completions of certain wells based on an engineering study and new logs conducted by Schlumberger on the Ruth lease. The new logs will give us additional insight on potential production zones and will assist in deciding in which zones wells will be recompleted.
In Palo Pinto County, Heartland is formulating a plan to complete a salt water disposal well in order to recomplete 6 additional wells in the Barnett Shale.
Once these plans are carried out, the expected value Heartland's reserves from these properties (present value discounted at 10%) will exceed $100 million.
When UPDA acquired Heartland, its income was approximately $45,000 per month and its expenses were about $100,000 per month. Our objective was to turn HTOG into a profit center, so we reduced the payroll and closed the Denver office which resulted in annual savings of about $500,000. The assignment of the Catlin leases, including Palo Pinto, will add approximately $200,000 of monthly revenue to HTOG, less debt service. Aztec, our subsidiary, financed most of the cost to drill and complete the 17 wells.
Achieving positive cash flow, accompanied by proven reserves, is the least expensive way to finance the planned expansion of Heartland. UPDA is the largest shareholder of HTOG and our objective is to make HTOG bankable because bank financing is the least dilutive.
Continental Fuels, Inc. (CFUL) is our trading and marketing subsidiary. It owns a 48,000 barrel terminal at the International Port of Brownsville. With the ongoing capital improvements underway at this facility, its capacity will be doubled by adding new tanks and investing in a railroad spur.
We envision CFUL to be the marketer of all that is produced by our subsidiaries, whether it is crude oil, natural gas, biofuel or some other alternative energy. At the present time, Continental is trading in condensate (light crude), receiving product on trucks and shipping it out in barges and on rail.
UPDA originally provided Continental the Brownsville Terminal and over $2 million in lines of credit. CFUL ran its first and second test shipments in March and May of 2007. Once the model was proven, CFUL began executing on its business plan in June 2007. During the second quarter, Continental generated approximately $5.7 million in revenues and $400,000 in gross profits. It should be noted that approximately 80% of the revenues were generated in June, while the expenses were incurred over the course of the entire quarter.
CFUL has quickly become an operational profit center. In fact, sales for the months of July and August exceeded $8 million and gross profit exceeded $700,000 for the first two months in the third quarter.
Continental's management has developed an ambitious growth model. They intend to expand into gas marketing, fuel blending, oil pick up and trading of refined products, including low sulfur diesel on barges or in pipeline. On the international front, CFUL has developed very valuable relationships and in the near future will open offices to facilitate its international trading business.
Aztec Well Services is our drilling and field services unit. It has equipment and personnel capable of drilling 10 wells per month on Heartland's Kansas leases and providing additional technical assistance when needed. Aztec is also assisting in the expansion of Heartland's Kansas Pipeline from the Jake Pilot to the Lancaster Pilot, across to the Beagle Pilot in order that Heartland can deliver all of its production to market.
In Kansas, Heartland and Aztec have established a turnkey drilling contract whereby Heartland selects drilling locations based on gas in place maps and other factors and Aztec spuds and drills the wells and manages their completion and connection.
Aztec is also pursuing third party contracts and is considering expanding into the well testing and the tank storage business. Aztec is rapidly becoming a profit center and its management is continuously exploring opportunities to increase its business.
The management of UPDA is very excited to see its subsidiaries developing in this successful manner and is willing to provide the needed support to assist them build, grow and prosper. At UPDA, we centralized some of the services to keep our operating costs low. UPDA provides and supervises all legal services including, but not limited to, contractual, SEC and compliance issues. Our staff provides SEC accounting and controls human resources, payroll and benefits. UPDA provides all the investors' relations and public relations services, including websites, communication, press releases and other content. Above all, UPDA assists in all mergers and acquisitions (M&A) which includes due diligence and financing.
UPDA will continue to add to its group of companies, with a concentration on conventional, unconventional and renewable energy. At the same time, we will assist our subsidiaries to grow and establish themselves as profit centers and strategic companies. The challenges at the moment include aligning ourselves with reliable, inexpensive, less dilutive money sources and continuing deal flows, both domestic and international.
We take this opportunity to thank our shareholders.
UPDA Board and Management
About UPDA
Universal Property Development and Acquisition Corporation is focused on identifying oil & gas companies with proven energy reserves and innovative alternative energy companies with proven technologies. Once identified, the viability and potential of the targeted company is subjected to a rigorous multi-step review and investigation.
First, the potential company's financial records, legal standing and geological or technological potential are thoroughly examined by the UPDA Due Diligence Committee. If the candidate passes this test, a recommendation is made to the Acquisition Committee which conducts initial negotiations and presents its conclusions to the CEO and Board of Directors who will secure the acquisition.
Once the acquisition process is complete, the acquired company becomes a subsidiary of UPDA and the incubation process begins. UPDA provides the subsidiary with financial, legal and scientific support in order to develop its assets and perfect its innovations allowing its management to concentrate on its business plan and operational objectives.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contact:
Universal Property Development and Acquisition
Corporation
Jack Baker (Investor Relations), 561-630-2977
info@updac.com
--------------------------------------------------------------------------------
Source: Universal Property Development and Acquisition Corporation
0,033 +10%
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Antwort auf Beitrag Nr.: 31.383.099 von 2525 am 04.09.07 13:12:17er will DEIN geld haben
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Seh ich genauso, bin schon drin !
Heute o,038 €
Heute o,038 €
ach das ist doch immer das selber Lied... die besch... News bringt auch wieder nur kurzfristig nen leichten Anstieg und übermorgen stehen wir dann noch tiefer...
Drecks Aktie!!
Drecks Aktie!!
Antwort auf Beitrag Nr.: 31.384.721 von Schnatzi am 04.09.07 14:43:15Dann bis übermorgen mt dem Kaufen warten. 
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